Philippines casinos on the way to economic recovery
PAGCOR, the Philippine Gaming Regulatory Authority, has released data showing gross gaming revenue for the first quarter of 2021. Q1 GGR of 2021 hit Php 23.27 billion, an increase of 17. 5% compared to Q4 2020.
Licensed casinos mean an increase in GGR in Q1 2021
More than a year has passed since the start of the global COVID-19 pandemic. So far there was no industry that did not feel the economic impact of a pandemic including the gambling industry. There are still various restrictions around the world that prevent gambling operators pre-pandemic income generation . Despite how difficult it is, many gambling operators has already begun a long reconstruction . Judging by the latest figures released by the gambling regulatory body in the Philippines PAGCOR, the industry has already started to recover.
For the first three months until March 31, 2021, licensed casinos in the Philippines were recorded gross income from games (GGR) Php 23.27 billion. This means the 39th 2% decrease compared to the first quarter of 2020. However, if we compare the result with the fourth quarter of 2020, we will see an increase of 17.5%. This result proves that the casinos in the Philippines are licensed began their reconstruction despite the blockadewhich was introduced in March due to COVID-19.
Looking at the total GGR, which includes PAGCOR operated casinos, bingo, electronic games as well as licensed casinos in the first quarter of 2021, GGR hit Php 30.03 billion . This result signifies a significant decline given that in the first quarter of 2020, total industry GGR hit Php 52. 92 billion. On the other hand in the first quarter of 2021 the GGR was higher than in the fourth quarter of 2021when revenues stopped at Php 25. 80 billion.
According to data from May 4, 2021, published by ABS-CBN , approximately 2 million people in the Philippines have been infected with the COVID - 19 vaccine. This figure is spread over the 1.7 million people who received the first dose, while approximately 320,000 have been fully vaccinated . Although millions of people have yet to receive the COVID-19 vaccine, the more people get vaccinated, the faster the gambling industry may recover from the devastating impact of a pandemic.